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Oregon Gov. Tina Kotek on Thursday announced the launch of a zero-interest loan program to help cities and counties build moderate-income housing.

The program, which stems from 2024 legislation, adds another measure such as looser zoning rules for Oregon to encourage more housing production. The funding will be provided through Oregon Housing and Community Services.

鈥淲e have to work to make sure all Oregon families can afford a home with the urgency they deserve,鈥� Kotek stated in a news release. 鈥淭his program is an essential piece of the affordability puzzle, lending a hand to our local partners who need a little help to make the balance sheet make sense.鈥�

Housing production has slowed in Oregon and nationally, which industry leaders largely blame on high interest rates and costly materials.

鈥淚n these days of high building costs, we鈥檝e learned that middle-income housing development often needs targeted subsidies to make projects pencil,鈥� stated Rep. Pam Marsh, D-Ashland. 鈥淭he revolving loan fund will provide the kind of sustained and strategic investment we need to get homes on the ground and Oregonians housed.鈥�

Senate Bill 1537, enacted last year, allocated $75 million to the Moderate-Income Revolving Loan fund.

Program administrators will provide loans to developers of housing intended to serve people making less than 120 percent of area median income during the loan鈥檚 duration, typically 10 years. The fund will be replenished through a fee in lieu of property taxes at no cost to the property owner.

The loan fund 鈥渁ims to empower cities and counties by providing loans to local governments, which can support developers to ensure housing prices are within reach to individuals and families who struggle to secure enough traditional credit or financing,鈥� OHCS Executive Director Andrea Bell stated.

The fund also attracted some Republican support, including from Sen. Dick Anderson, R-Lincoln City, who added that Oregon cities and counties need 鈥渋nnovative tools to help with the cost of housing projects.鈥�